Lindblad Expeditions Holdings, Inc. reported record adjusted EBITDA of $126.2 million for the full year 2025, while total tour revenues climbed to $771.0 million, a 20% year‑over‑year increase. Net yield per available guest night rose 14% to $1,335 and occupancy reached 88% as the company added 2% more available guest nights and lifted pricing across its Lindblad and Land Experiences segments. The company’s GAAP earnings per share for the year were –$0.45, missing analyst expectations of –$0.33 and widening the loss by $0.12 per share.
In the fourth quarter, Lindblad generated $183.2 million in tour revenue, up 23% from $141.5 million in Q4 2024, and reported adjusted EBITDA of $14.2 million, a 5.4% increase from $13.5 million in the prior year’s quarter. Net yield per available guest night for Q4 was $1,335, up 14% from $1,170 in Q4 2024, and occupancy rose to 88% from 86% year‑over‑year.
Segment performance highlighted growth in both core areas: the Lindblad segment grew 17% to $523.4 million, while the Land Experiences segment expanded 24% to $247.6 million. The higher pricing strategy in both segments contributed to the record net yield, and the increased capacity helped maintain high occupancy levels.
"In 2025, we delivered the strongest performance in our company's history — record guest satisfaction, record yield of $1,335, and record Adjusted EBITDA $126.2 million — while strengthening our balance sheet position. These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team. We're even better positioned to add to our fleet and portfolio of land experience brands," said CEO Natalya Leahy.
The company reaffirmed its 2026 outlook, projecting tour revenues of $800–$850 million and adjusted EBITDA of $130–$140 million. It also confirmed the completion of a mandatory conversion of preferred shares on February 3, 2026, and a $35 million stock repurchase plan with $12 million remaining as of February 23, 2026, underscoring its commitment to returning value to shareholders while supporting growth initiatives.
Investors reacted negatively to the earnings release, with the EPS miss being the primary driver of the market’s response. The company’s revenue beat and record EBITDA were offset by the wider-than‑expected loss per share, which highlighted higher operating costs and a one‑time charge related to debt extinguishment. The guidance for 2026 remains strong, reflecting confidence in continued demand and pricing power in the expedition travel market.
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